SIGA Reports Financial Results for Three and Twelve Months Ended December 31, 2020

March 4, 2021 at 4:05 PM EST

-  Approximately 363,000 Courses of Oral TPOXX® Delivered to U.S. Government in 2020 –

- International Contracts for the Purchase of up to Approximately $47 Million of Oral TPOXX® Since April 2020 

- Corporate Update Conference Call Today at 4:30 PM ET -

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company, today reported financial results for the three and twelve months ended December 31, 2020.

“SIGA’s fourth quarter and annual financial results are highlighted by the delivery of approximately 112,000 and 363,000 courses, respectively, of oral TPOXX® to the U.S. strategic national stockpile (SNS), generating revenue from these deliveries of approximately $35 million and $113 million, respectively,” said Phil Gomez, CEO of SIGA. “Additionally, 2020 marked the announcement of the first international contract for oral TPOXX® with the contract award by the Canadian Military for its procurement, which was followed by an oral TPOXX® procurement award in January 2021 by the Public Health Agency of Canada. These combine, including options, to additional cumulative potential revenues of up to approximately $45 million of oral TPOXX® over the next five years ($2 million of oral TPOXX® was delivered to the Canadian Military in 2020). We look forward to further expansion in the international procurement of oral TPOXX® in the coming years.”

Summary Financial Results
($ in millions, except per share amounts)

Three Months Ended December 31, 2020 in comparison to Three Months Ended
December 31, 2019

Three Months
December 31, 2020
Three Months
December 31, 2019
Total Revenues
Operating Income (Loss) (1)
Income (Loss) before Income Taxes (1)
Net Income (Loss)
Diluted Income (Loss) per Share

Fiscal Year Ended December 31, 2020 in comparison to Fiscal Year Ended December 31, 2019

December 31, 2020
December 31, 2019
Total Revenues
Operating Income (Loss) (1)
Income (Loss) before Income Taxes (1)
Net Income (Loss)
Diluted Income (Loss) per Share

(1) Operating Income excludes, and Income (Loss) before Income Taxes includes, costs in connection with the retirement of the Company’s term loan, interest expense, interest income and adjustments to the fair value of the Company’s outstanding warrant. Both line items exclude the impact of income taxes. 

Recent Key Activities:

  • In January 2021, the Public Health Agency of Canada (PHAC) issued a contract (the Contract) for the purchase up to approximately $33 million of oral TPOXX® (tecovirimat) within five years. The Contract specifies firm commitments for the cumulative purchase of approximately $17 million of oral TPOXX® by March 31, 2023; the remaining courses under the Contract are scheduled to be purchased after March 31, 2023 and are subject to option exercise by PHAC. The Contract award follows, but is separate and incremental to, the issuance in April 2020 of a contract by the Canadian Department of National Defence (CDND) for the delivery of up to approximately $14 million of oral TPOXX®. Both contracts awarded by Canada were coordinated between SIGA and Meridian Medical Technologies, Inc. under the international promotion agreement (as amended) that was entered into by the parties in June 2019.
  • In the fourth quarter of 2020, the Company delivered approximately 112,000 courses of oral TPOXX® to the SNS. SIGA has recognized approximately $35 million of revenue in connection with this delivery, of which $3.5 million relates to amounts previously received in connection with raw material procurement and which had been recorded as deferred revenue. 

Recap for 2020

  • For the year, the Company delivered approximately 363,000 courses of oral TPOXX® to the SNS, generating revenues of approximately $113 million.
  • In the third and fourth quarters of 2020, respectively, the Company filed submissions for regulatory approval of oral TPOXX® in Europe and Canada, and such submissions are seeking a broad label indication covering the treatment of smallpox, monkeypox, cowpox, and complications from Vaccinia infection.
  • In the second quarter of 2020, the Company made its first international delivery of oral TPOXX®.
  • In the first quarter of 2020, the Company voluntarily prepaid its Term Loan and accrued interest in an approximate aggregate amount of $87.2 million. Upon such prepayment, the Term Loan was extinguished.

Share Repurchase Activity

During the fourth quarter of 2020, SIGA repurchased approximately 1 million shares of its common stock, for approximately $6.7 million.  For the full year, the Company cumulatively repurchased approximately 4.6 million shares of its common stock for approximately $28.5 million, which amounts to more than 5% of shares outstanding as of the date that share repurchases commenced. 

COVID-19 Pandemic

The COVID-19 pandemic has caused significant societal and economic disruption. Such disruption, and the associated risks and costs, are expected to continue for an indeterminate period of time. Given the uncertain scale, scope, and current and future impact of the pandemic, the Company is regularly reviewing business and financial risks, and seeking coordination with its government partners with respect to the performance of current and future contract timing and execution. Additionally, the Company is coordinating closely with service providers and vendors, in particular contract manufacturing organizations that constitute our supply chain, to review actions and risks caused by the COVID-19 pandemic. Finally, the Company has proactively provided its employees with resources and other support to help ensure continued success in remote work settings as they navigate the current pandemic environment.

The COVID-19 pandemic has not adversely affected the liquidity position of the Company, nor is it currently expected to have a material adverse effect on the financial condition of the Company. The pandemic could delay the timing of international contract awards for oral TPOXX® given the need of government officials to focus on meeting the demands of the current COVID-19 pandemic. Otherwise, the pandemic is not currently expected to have a material adverse effect on the short-term financial results of the Company, although the Company cannot provide assurances as to the ultimate impact of the pandemic upon the broader macro environment or the Company’s industry.

Conference Call and Webcast

SIGA will host a conference call and webcast to provide a business update today, Thursday, March 4, 2021, at 4:30 P.M. ET.

Participants may access the call by dialing 877-407-6184 for domestic callers or 201-389-0877 for international callers. A live webcast of the call will also be available on the Company's website at under the 'Events & Presentations' tab in the Investor Relations section, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.

A replay of the call will be available for two weeks by dialing 877-660-6853 for domestic callers or 201-612-7415 for international callers and using Conference ID: 13715918. The archived webcast will be available in the Events and Presentations section of the Company's website.


SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies for emerging infectious diseases, and health preparedness. Our lead product is TPOXX®, also known as tecovirimat and ST-246®, an orally administered and IV formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX® is a novel small-molecule drug and the US maintains a stockpile of 1.7 million courses in the Strategic National Stockpile under Project BioShield. The oral formulation of TPOXX® was approved by the FDA for the treatment of smallpox in 2018. The full label is here: In September 2018, SIGA signed a contract potentially worth more than $600 million with BARDA for additional procurement and development related to both oral and intravenous formulations of TPOXX®. For more information about SIGA, please visit

About Smallpox1

Smallpox is a contagious, disfiguring and often deadly disease that has affected humans for thousands of years. Naturally occurring smallpox was eradicated worldwide by 1980, the result of an unprecedented global immunization campaign. Samples of smallpox virus have been kept for research purposes. This has led to concerns that smallpox could someday be used as a biological warfare agent. A vaccine can prevent smallpox, but the risk of the current vaccine's side effects is too high to justify routine vaccination for people at low risk of exposure to the smallpox virus.


This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in SIGA's filings with the Securities and Exchange Commission, including SIGA's Annual Report on Form 10-K for the year ended December 31, 2020, and in other documents that SIGA has filed with the SEC. SIGA urges investors and security holders to read those documents free of charge at the SEC's web site at Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements are current only as of the date on which such statements were made, and except for our ongoing obligations under the United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.

The information contained in this press release does not necessarily reflect the position or the policy of the Government and no official endorsement should be inferred.

Investor Contacts:
Laine Yonker, Edison Group

Michael Crawford, Edison Group  


As of

    December 31, 2020     December 31, 2019  
Current assets                
Cash and cash equivalents   $ 117,890,240     $ 65,249,072  
Restricted cash and cash equivalents, short-term           95,737,862  
Accounts receivable     3,340,263       4,167,996  
Inventory     20,265,519       9,652,855  
Prepaid expenses and other current assets     2,112,069       5,234,000  
Total current assets     143,608,091       180,041,785  
Property, plant and equipment, net     2,103,990       2,618,303  
Deferred tax asset, net     2,544,053       14,151,002  
Goodwill     898,334       898,334  
Other assets     676,923       856,766  
Total assets   $ 149,831,391     $ 198,566,190  
Current liabilities                
Accounts payable   $ 1,278,217     $ 3,054,032  
Accrued expenses and other current liabilities     9,205,293       8,636,911  
Term debt, current           80,044,866  
Total current liabilities     10,483,510       91,735,809  
Warrant liability     6,639,211       6,116,882  
Other liabilities     2,915,401       2,929,743  
Total liabilities     20,038,122       100,782,434  
Commitments and contingencies (Note 14)                
Stockholders' equity                
Common stock ($.0001 par value, 600,000,000 shares authorized, 77,195,704 and 81,269,868 issued and outstanding at December 31, 2020 and December 31, 2019, respectively)     7,720       8,127  
Additional paid-in capital     224,978,430       220,808,037  
Accumulated deficit     (95,192,881 )     (123,032,408 )
Total stockholders' equity     129,793,269       97,783,756  
Total liabilities and stockholders' equity   $ 149,831,391     $ 198,566,190  

For the Years Ended December 31

    2020     2019     2018  
Product sales and supportive services   $ 115,471,071     $ 11,190,064     $ 468,918,468  
Research and development     9,488,233       15,552,021       8,135,314  
Total revenues     124,959,304       26,742,085       477,053,782  
Operating expenses                        
Cost of sales and supportive services     14,797,419       1,782,838       95,268,974  
Selling, general and administrative     14,003,184       13,252,136       12,879,738  
Research and development     10,938,930       13,303,149       13,016,183  
Patent expenses     719,141       726,105       789,489  
Total operating expenses     40,458,674       29,064,228       121,954,384  
Operating income (loss)     84,500,630       (2,322,143 )     355,099,398  
(Loss) gain from change in fair value of warrant liability     (3,525,846 )     5,091,256       (6,922,624 )
Loss on extinguishment of Term Loan     (4,981,461 )            
Interest expense     (3,016,817 )     (15,769,768 )     (15,478,203 )
Other income, net     532,085       2,822,232       78,940,985  
Income (loss) before income taxes     73,508,591       (10,178,423 )     411,639,556  
(Provision) benefit for income taxes     (17,166,581 )     2,937,276       10,168,272  
Net and comprehensive income (loss)   $ 56,342,010     $ (7,241,147 )   $ 421,807,828  
Basic earnings (loss) per share   $ 0.71     $ (0.09 )   $ 5.28  
Diluted earnings (loss) per share   $ 0.71     $ (0.15 )   $ 5.18  
Weighted average shares outstanding: basic     79,259,000       81,031,254       79,923,295  
Weighted average shares outstanding: diluted     79,437,306       82,175,023       82,708,472  

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Source: SIGA Technologies Inc.